August 2015

This article was originally published at the Fidessa blog, and is reproduced here with permission. By Steve Grob

So, the September date looms for ESMA’s final clarification on unbundling. What seems evident is that payment for research with trading commissions is definitely going to be out. What seems less clear, though, is what can still be bundled into the definition of ‘execution’ and therefore still be paid for in commission dollars....